This is the probably the first time that a company is using anything other than financial arguments to persuade shareholders to oppose a takeover. As such it represents a significant step forward for those who advocate a greater sense of social awareness in the corporate world.

Cadbury is no stranger to ethical responsibility. The company was founded in 1824 by John Cadbury, a Quaker who chose to sell tea and cocoa in order to wean people off alcohol. The company moved in 1879 to Bournville, a rural site outside Birmingham in order to be in a cleaner, healthier location. The company paid high wages, established good working conditions, pioneered pension schemes and a staff health service.

Increasingly people want to work for companies that make a difference in the wider world. Cadbury has long been recognised as an ethical company. Adopting a stance that encourages other companies to improve their own ethical standards may well be the most socially responsible thing they have done yet.

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